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No.1 - August Outlook

So much for the summer doldrums, this bull market of ours may be falling apart. The S&P 500 is down for the second month in the row and showing no signs of stopping. Bank stocks and consumer shares led July’s drop on concerns that higher borrowing costs is taking away the easy money and easy trades. Is it safe to relax and go on vacation?

JULY SECTOR PERFORMANCE

Sector ETF % Change In July

Industrials: (XLI) +2.5%
Energy: (XLE) +2.5%
Technology: (XLF) +0.8%
Consumer Discret: (XLY) -4.5%
Health Care: (XLV) -3.9%
Financials: (XLF) -6.2%

Eric Bolling says that August is a typically quiet month – but could also be a great time to buy. He likes energy and tech stocks and recommends looking for dip.

Guy Adami says this isn’t a time to be away from Wall Street.

Jeff Macke adds sell the rally and maybe buy weakness but for a trade.

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Trader disclosure: On July 31st 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), Najarian Owns (GS); Bolling Owns (DIS), (T); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures: CNBC Is A Service Of NBC Universal And Dow Jones